Securing Financial Stability, Estate Planning, Real Skills for Everyday LifePlan of Work

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Kenton County CES

Title:
Securing Financial Stability, Estate Planning, Real Skills for Everyday Life
MAP:
Securing Financial Stability
Agents Involved:
Linda Brown-Price, Joan Bowling, Kathy Byrnes
MAJOR PROGRAM 1:
Real Skills for Everyday Life
MAJOR PROGRAM 2:
Estate Planning
MAJOR PROGRAM 3:
Securing Financial Stability (general)
Situation:

The consequences of the Great Recession and the extended period of slow economic growth which followed, encouraged Kentuckians to become more aware of their financial situation. Kentucky consistently lags behind other areas of the United States in key household economic indicators, including: personal income (42,958 KY 53,657 US Census 2014), population living below the poverty line, unemployment, (5.8% compared to National rate of 4.9% Department of Numbers) and revolving debt. These indicators, especially unemployment numbers, became more exaggerated during the period of the Great Recession. However, at present economists are cautiously optimistic regarding future economic forecasts. It is important to acknowledge the impact of current economic conditions on family financial management. The goal of the Securing Financial Stability Initiative is to help Kentuckians understand and respond to changing economic conditions, while promoting healthy financial behaviors across the lifespan. Consumers need to be aware of safety tips and strategies as they maneuver the internet and utilize technology in their everyday lives. The 2015 Kenton County Survey from current and new users of extension, and the “Farm Tour,” indicated a need for classes on sewing, budgeting, credit, job skills, estate planning Medicare, and Social Security.

Long-Term Outcomes:

• Maximize or extend resources to maintain or increase financial resources.


• Number of individuals reporting improved family financial stability and

economic well-being.


• Increase the number of clientele reporting improved privacy security measures

and reduction in reports of financial fraudulent matters across the state.


• Individuals will be able to retain gainful employment by utilizing the

necessary skills and technology to rebuild financial security.

Intermediate Outcomes:

• Number of people who adopt short, mid, and long-term financial planning

strategies


• Practice one or more resource management behaviors resulting in increased

savings or investments.


• Apply practical living skills to advance education or employability.


• Examine personal and financial stability on a regular basis (at least

annually).


Initial Outcomes:

• Teenagers and adults will show increased knowledge and skills related to

managing available financial and non-financial resources. (Social marketing

and Program Participants)


• Participants will increase understanding of consumer rights and privacy

protection measures.


• Teens, young and older adults will simulate life situations to recognize

importance of education and employability skills.


• Participants will identify short, medium, and long-term personal goals and

objectives related to maintaining and improving their financial stability.

Evaluation:

Initial Outcomes: Increase knowledge and skills to improve employability

Indicator: Increase number of responses to job inquiries, long-term employability

Method: Surveys, phone calls, success stories

Timeline: 3 to 6 months after class then a year follow-up


Long-term Outcome: Increased financial planning and investments

Indicator: Retirement and Investment planning increased

Method: Surveys, informal feedback, phone calls, success stories

Timeline: 6-9 months after class


Outcome: Change in knowledge, opinions, skills and attitudes to improve

practical living skills.

Indicator: Increased knowledge of technology skills

Method: Informal observation, feedback, pre and post tests

Timeline: 3-6 months after class


Outcome: Increased knowledge and skills related to managing available resources.

Indicator: Number of individuals reporting improved knowledge (such as knowledge of ways to reduce expenses; cut spending; and save for emergencies).

Method: Pre and Post Test, informal feedback testimonials, success stories

Timeline: 6-9 months after class


Outcome: New sewing skills and completion of sewing project

Indicator: Class project will be of an acceptable standard

Method: Agent and Master Clothing Volunteer approved, follow-up survey

Timeline: Fall 2018 and Spring 2019





Learning Opportunities:

Audience: College students, general public, young adults, retirees

Project or Activity: 3-5 Week Series of classes

Content or Curriculum: Money Talks: A Financial Guide for Women

Inputs: Kentucky Cooperative Extension Service Agents and Specialists, Program Assistants, Kentucky and CES publications and resources, and Community Partners

Date: Fall 2018


Audience: Young Adult Job Seekers

Project or Activity: Resume and Interview Skills Classes

Content or Curriculum: KY CES Resources

Inputs: KY CES State Specialists, Program Assistants, FCS Agents, Community Partners

Date: September-October, 2018  -  March-April, 2019


Audience: Homemakers, young couples, general public, low income families

Project or Activity: Identity Theft

Content or Curriculum: KY CES Curriculum

Inputs: KY CES Agents and Specialists, Program Assistants, Community Partners

Date: March 2019


Audience: Limited-resource clientele, general public

Project or Activity: Real Skills for Everyday Life/Credit Card Checkup

Content or Curriculum: KY CES Curriculum

Inputs; KY CES Specialists, FCS Agents, Program Assistants, and Community Partners

Date: October-November 2018; Feb, March 2019


Audience: Older Adults/Caregivers

Project or Activity: Eldercare

Content or Curriculum: "KY CES"

Inputs: KY CES Specialists, FCS Agent

Date: October 2018


Audience: Individuals participating in past financial classes

Project or Activity: Financial Newsletter

Content or Curriculum: ”KY CES”

Inputs: KY CES Specialists, FCS Agents,

Date: Bi-monthly


Audience: Adults interested in sewing

Project or Activity: Beginning Sewing for Adults series

Content or Curriculum: FCS Agent and Master Clothing Volunteer designed

Inputs: Master Clothing Volunteer Curriculum, FCS designed

Date: Fall 2018, Spring 2019


Audience: Sewing Expo

Project or Activity: Three-day seminar from District 3 Agents

Content or Curriculum: UK Clothing Program publications

Inputs: Master Clothing Volunteers, FCS agent designed

Date: April 2019


Audience: Adult Sewing Project Group

Project or Activity: FCS Agent Designed

Content or Curriculum: Master Clothing Volunteer curriculum

Inputs: UK Clothing publications

Date: Monthly, beginning September 2018


Audience: Young Adults

Project or Activity: Financial Literacy for Young Adults

Content or Curriculum: Extension sponsored resources

Inputs: Ky. CES State Specialists, FCS Agents

Date: November 2018 and March 2019


Audience: Extnsion Homemakers

Project or Activity: Area Homemaker Seminar, "Knowing Your Treasures"

Content or Curriculum: UK Factsheets

Inputs: KY FCS agents, local experts

Date: September 11, 2018


Audience: Extension Homemakers

Project or Activity: Area Homemaker Seminar, "Healthy Horticulture" - to save money

Content or Curriculum: UK Factsheets

Inputs: Kenton, Boone, Campbell Horticuture and FCS agents

Date: January 12, 2019


Audience: Senior citizens

Project or Activity: Protecting your Finances as you Age

Content or Curriculum: UK fact Sheets

Inputs: KY Attorney general's office, local experts

Date: November 2018


Audience: Older adults -general public

Project or Activity: Questions on Medicare

Content or Curriculum: Extension sponsored Resources

Inputs: KY CES State Specialist, FCS Agent

Date: November-December, 2018







Success Stories

Kenton County Retirees Learn Financial Management Practices

Author: Linda Brown-Price

Major Program: Securing Financial Stability (general)

As the baby-boomers begin preparing to retire, many are excited; they have worked four or five decades, eager for retirement. They can see the end, and so they think about what they want to do with the time that they have remaining. In Kentucky, years of under funding by politicians who resisted tax increases and risky investments by Kentucky Retirement Systems created a pension crisis that threatens the retirement security of Kentucky teachers, polic

Full Story

Closing in On Retirement : Securing Financial Stability

Author: Linda Brown-Price

Major Program: Securing Financial Stability (general)

The number one financial worry for Americans, according to a recent Gallup poll, is having enough money for retirement. Half of U.S. households with someone age 55 or over have no retirement savings at all according to the Government Accountability Office. Kenton County, Kentucky has a population of 165,399 with 14% of the population over 65 according to the US Census. As the average life expectancy continues to increase and future income from Social Security stagnates or even dec

Full Story

On the Road to Retirement

Author: Kathy Byrnes

Major Program: Securing Financial Stability (general)

     In the national study, “Graying of U.S. Bankruptcy: Fallout from Life in a Risk Society,” Americans age 65 and older are filing for bankruptcy in record numbers.  These older adults are often trying to assist their children and grandchildren with higher education and other costs.  In addition, with many more seniors raising grandchildren, finances can take a beating. This trend is expected to continue, resulting in senior citizens facing financial crisis

Full Story

Partner of the Year

Author: Joan Bowling

Major Program: Community Engagement

The Kenton County Family and Consumer Sciences Agents formed a partnership with the Life Learning Center in Covington to teach Nutrition information and hands on food preparation skills to “at risk” individuals that are facing a multitude of challenges in 2015.  Participants in the program face one or more of the following; difficult family situations, criminal backgrounds, limited education, unemployment/underemployment, as well as other serious threats to homelessness.  

Full Story

Road to Retirement

Author: Joan Bowling

Major Program: Securing Financial Stability (general)

According to the “Kentucky by the Numbers “website, the baby boomer population in the state of Kentucky will reach 800,000 by 2020.  As the “boomers” head into retirement the need for resources and education regarding this life stage has increased. In response to address some of the concerns being raised by clientele, Boone and Kenton County Family and Consumer Sciences Agents collaborated to teach a 4 hour retirement workshop in November held at the Boone County Enr

Full Story

Achieving Estate Planning Goals

Author: Linda Brown-Price

Major Program: Estate Planning

In Kenton County with a population of 166,051 with 14.1% over 65 years of age, many are beginning the planning process needed to distribute their assets. Managing financial risks is an important part of financial stability. Regardless of how many assets are owned, estate planning is needed to protect, and help ensure, personal and financial goals are realized after death. Many individuals fail to plan for the transfer of their possessions and property. Leaving others to settle the estate, pay ta

Full Story
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